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Polaris Bank Unveils New Mobile Banking App, Offers 50% Discount on Charges

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Polaris Bank has unveiled its new Polaris Mobile Banking App and is offering customers a 50 per cent discount on all transfer fees for 30 days after registration on the app.

 

The Bank disclosed that the new Polaris Mobile Banking App “is now available to users on both Google Play for Android devices and the Apple App Store for iOS devices”.

 

To take advantage of the 50 per cent discount on transfer fees, customers of the bank are encouraged to visit their respective App stores, search for “Polaris Mobile” or “Polaris Mobile Banking App” and download the app.

 

Speaking on the new Mobile Banking App, Tokunbo Abiru, Polaris Bank’s managing director/CEO, explained that the launch of the new product is in line with the bank’s digital transformation plan, which is to further ensure it is a future-determining bank aligned with global trends of intelligent automation.

 

According to Abiru: “As evolving customer preferences are enabled by new technology, we continue to seek innovative solutions that excite our customers. The Polaris Mobile therefore offers a refreshing tool to enhance the convenience and lifestyle of our customers who are always on the go.”

 

On migrating users from the old app to the new one, Biodun Alli, the Bank’s head, E-Business, explained: “Customers who have the old app can still use it for the time being but are advised to immediately migrate to the new Mobile Banking App to experience a seamless banking experience.

 

“The Bank is committed to leverage technology innovation for high quality service delivery. Thus, to aid easy customer migration and registration, we have established a support portal for branches and other support teams to assist our customers with first-level and second-level support.

 

“Customers seeking additional information on the new Mobile Banking App can also walk into any of our branches nationwide and have their enquiries attended to by our customer service team. Customers with enquires can also can contact our 24-hour multilingual customer service center, the YES Centre, on: 0700-7652747 or 08069880000, or send their enquiries by email to: [email protected].”

 

Advising customers on security, the E-Business Boss stressed: “On no condition should any customer give his/her log-in details, including passwords, to anyone – either physically, over the phone or on online platforms such as social media and messaging groups. The bank will NEVER request for such information and customer must remain security-conscious.

 

“This warning has become necessary, so that our valued customers do not fall into the hands of internet fraudsters or scammers who might pose as the bank staff or workers with the aim of swindling customers.”

 

Just recently, the bank launched a Collateral-Free Salary Advance Product to Customers, a customer-led product that enables employees to get up to 50 per cent of their net monthly salary to meet basic needs before their next payday.

 

Polaris Bank is a customer-centric bank positioned to deliver industry-defining products, services and platforms across all the key market segments.

 


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E-Financial

FG Makes u-Turn on Bank Account Re-Registration

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Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


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Stanbic IBTC Bank Disowns Lagos ATM Fraudster

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Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


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Buhari Okays Establishment of CBN-Led Infraco

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President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


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